Introduction
There is an annual gathering of stakeholders in the crypto industry, government and other sectors to discuss the way forward for blockchain technology. This event labelled Consensus is organized and hosted by Coindesk. This year, Consensus 2024 was held in Austin, Texas USA. The event took place on 29-31 May 2024. Just as expected, it lived up to the billing. Industry leaders not just from crypto, but from other sectors attended.
In this article, I want to react to notable speeches or remarks made by top industry leaders that attended the event. But before I do that, here is what the organizers have to say about the event:
Consensus is the world’s largest, longest-running and most influential gathering that brings together all sides of the cryptocurrency, blockchain and Web3 community. From hard-hitting conversations with visionary speakers to hands-on workshops aimed at solving industry challenges, developers, investors, founders, brands, policymakers and more will walk away with the tools and insights needed to continue laying the foundation of a more decentralized future. source
Top guests and how they see the crypto industry
Consensus 2024 brought guests from all over the world that would be described as industry movers. Even a US presidential candidate was part of those in attendance and equally has nothing but praises for the crypto industry. Project leaders, developers, companies and entire web3 and crypto community were all represented in the event.
Now lets take a look at key views and insights shared by two of the high profile delegates at the event.
- Lynn Martin: One of the high profile guest in attendance at this year's Consensus is the president of the New York Stork Exchange. She was interviewed during one of the live sections. He said a lot of positive things about crypto's positive contribution to the stock market. Check out a quote from him below:
We’ve been having conversations with the SEC for more than six years about Bitcoin ETFs. I think you can’t argue with the success of Bitcoin ETFs and the liquidity it has brought to the underlying market. source
Its very hard not to agree with Martin. The approval of Bitcoin spot ETFs by the SEC brought an entire dimension of growth in many ways to the crypto industry. Consider or example public's perception of cryptocurrencies before the approval. In the corporates world, cryptocurrencies are not widely accepted or viewed as tangible instrument of value. Many businesses would rather keep a distance from cryptos. Then came the approval and subsequent arrival of big businesses into the crypto industry.
The general public outlook changed a lot as big businesses and industries started investing in cryptocurrencies. The idea that crypto does not hold any value in the business world started changing. The more companies get involved in Bitcoin spot ETFs, the more people that are not in the crypto industry get interested. Many have investigated and and joined the industry as users, investors or even project sponsors. There is more though.
The emergence of corporate investors in the crypto market through spot ETFs has done another create deal of good to the spot market. It has brought a massive flow of liquidity to the stock market. Companies with big bag like Blackrock has invested heavily in spot ETFs and that has significantly impacted the level of liquidity in the stock market. The ETFs are one of the financial instruments that can be traded in any approved stock market - including the New York Stock Exchange.
Exactly how much value have Bitcoin spot ETFs brought to the stock market? To find out, you may want to take a look below at the data in the table below provided by Lookonchain:
The figures above are correct and updated as at 31st May, 2024. It shows the amount of ETF held by each company with Blackrock retaining top of the chart. Blackock currently holds 289,058 BTC. The table shows there are a total of 9 ETFs. Just check the last row of the table you see the total value of all ETFs - $57.57B. That is the value or amount of liquidity the cryptocurrencies have brought to the stock markets through ETFs. Little wonder that Martin can only appreciate the success of Bitcoin and other cryptocurrencies.
- Anthony Pompliano: Another top name in attendance at tis year's Consensus event. He is well-known for promoting Bitcoin and pushing for its global acceptance. Below is what he has to say about crypto adoption:
There’s been an acceleration of those people. It’s no longer celebrities, musicians, etcetera. We’re now talking about the President of the United States, some of the most powerful people on Wall Street are saying this is real source
Its not difficult at all to see the truth in that statement above. Pompliano reiterates the extent and speed of crypto adoption today. Before now, it was a thing of the common man on the street. But now, everyone wants to get involved in crypto. The rate of adoption in the society has reached all ends. Now, top people in the society are getting involved including presidents and celebrities. A big testament to the progressof Bitcoin and cryptos.
Talking about presidents and crypto, Pompliano was not making an exegeration at all. The US presidential election campaigns is showing how much interest and weight that crypto voters are going to show in the election come November. And one of the candidates Donald Trump has significantly changed his stance to one of pro-crypto. The discussions around something as important as the US presidential election could not start, go on or conclude without bring crypto into it. So much credit to the growth of crypto in such a short time.
Conclusion
The Consensus event was a very successful event and can only make the crypto industry stronger going forward. If you wish to learn more about it, then check out the useful links below.
Note: Thumbnail is from pixabay
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